RBI discusses economic outlook in light of global challenges at recent meeting

The RBI’s Central Board of Directors, chaired by RBI Governor Shaktikanta Das, met in Nagpur to review global and domestic economic situations and discuss challenges posed by geopolitical developments and market volatility. They also discussed progress in digital payments and approved the Bank’s budget for 2024-25.

During a meeting held in Nagpur on Friday, the RBI’s Central Board of Directors, chaired by RBI Governor Shaktikanta Das, reviewed the global and domestic economic situation and outlook. The discussion included challenges posed by geopolitical developments and global financial market volatility. The meeting also addressed the progress made in digital payments and consumer education and awareness during the current accounting year 2023-24.

The RBI statement mentioned that the board also approved the Bank’s budget for the accounting year 2024-25. This decision comes in the midst of ongoing efforts to address the challenges presented by both domestic and global economic factors. The RBI’s focus on digital payments and consumer education reflects its commitment to adapting to the changing financial landscape in India.

The Central Board of Directors plays a crucial role in guiding the Reserve Bank of India’s activities and decisions. With the approval of the budget for the upcoming accounting year, the board sets the course for the Bank’s priorities and initiatives. The meeting in Nagpur served as a platform for discussions on key economic issues and strategies to navigate the complex financial environment.